Budget 2025: He proposed to add 35 capital goods for electric vehicle battery manufacturing and 28 for mobile phone battery manufacturing to the list. This will boost the manufacturing of lithium-ion batteries in India and create more employment opportunities.
Finance Minister Nirmala Sitharaman has announced the removal of import duty on 12 critical minerals such as lithium-ion battery scrap, cobalt products, LEDs, zinc. Presenting her eighth consecutive budget on Saturday, the Finance Minister said, “I propose to completely remove custom duty on 25 critical minerals and reduce it on two others. This will promote the processing and refining of these minerals and ensure their availability for these important sectors.”
In addition, he proposed to add 35 capital goods for electric vehicle battery manufacturing and 28 for mobile phone battery manufacturing to the list. This will boost the manufacturing of lithium-ion batteries in India and create more employment opportunities.
Sitharaman said, I now propose to completely remove custom duty on cobalt powder and waste, lithium-ion battery scrap, lead, zinc and 12 other critical minerals. This will ensure availability of raw materials for manufacturing and provide employment opportunities to the youth.
Keeping in mind the long gestation period of shipbuilding, he proposed to continue the exemption in basic customs duty (BCD) on raw materials, components, consumables and parts for shipbuilding for another 10 years. Similarly, the same exemption will be extended to the ship breaking industry to enhance competitiveness.
Further, in line with the ‘Make in India’ policy and to correct the inverted duty structure, he proposed to increase the customs duty on interactive flat panel displays from 10% to 20% and reduce it to 5% on open cells and other components. He also proposed complete removal of basic customs duty on ‘Wet Blue Leather’ to promote domestic value addition and employment.
Sitharaman also proposed that not more than one cess or surcharge would be levied. She also proposed to abolish the social welfare cess levied on 82 tariff lines.
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